We hereby confirm that there is no deviation or variation in the use of proceeds of Rights Issue.
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Awaiting price reaction for this filing.
Spectrum Foods has filed a routine compliance statement confirming there is no deviation or variation in the use of proceeds from its Rights Issue. The company raised around Rs. 19.39 crore through the Rights Issue between May 2024 and February 2025 by issuing roughly 3.86 crore equity shares at Rs. 10 each (Rs. 5 face value + Rs. 5 premium). The stated objects were working capital (Rs. 29.64 crore allocated) and general corporate purposes (Rs. 8.53 crore allocated), with Rs. 19.29 crore already utilized. Deployment includes Rs. 7 crore in fixed deposits, Rs. 9.67 crore for Pushkar project expenses, Rs. 1.5 crore for site expenses, Rs. 1 crore as advance to suppliers, and Rs. 12.39 lakh in bank balance. The premium portion was used to offset debit balance in reserves. About 2.05 lakh shares remain unpaid (Rs. 10.25 lakh) and forfeiture is in process. The Audit Committee and auditors had no comments.
This is a positive governance signal — the company is using Rights Issue funds exactly as disclosed to shareholders, with no misuse or diversion. No material impact on the stock price expected; it is a routine regulatory filing under SEBI LODR Regulation 32.